Early mortgage payment made

As we mentioned before, we wanted to make one more extra payment of $2,500 to the principal balance of the second mortgage by the end of this month to get the loan under $10,000. According to the lender website we have to include this amount with a regular monthly mortgage payment, so since we had the available funds we went ahead and paid the amount due for next month early.

So, not only did we bring the balance under $10,000 as hoped for, but we will also get the additional deduction for the interest paid on our tax bill.

The outstanding loan balance now stands at $9,797.68 and we are about ready to transfer the amount to one of the recently acquired credit cards. One of our goals next year will be to completely pay off this balance by the end of November. In order to do so we are looking at monthly payments of roughly $900.

Here are the steps we have taken thus far in paying down our second mortgage:

• Attacking the second mortgage – part 4
• New credit cards arrive
• More credit card gymnastics
• Attacking the second mortgage – part 3
• Attacking the second mortgage – part 2
• Attacking the second mortgage
• Final update on credit limits